Stripp Bill Would Expand Tax Credit

HARTFORD — State Representative John E. Stripp, R-135th District, has introduced legislation that would allow more people to qualify for the maximum property credit they can take against their state income tax liabilities.

Under Rep Stripp’s proposal, the law that established income tax credit for property taxes would be amended to increase the income thresholds for the maximum credit by $10,000 per category of filer and to continue to increase the thresholds by that amount for each of the next four years.

“Thousands of Connecticut property taxpayers do not qualify for the full income tax credit because of the arbitrary income threshold that was incorporated in the current law,” Rep Stripp said. “My bill would simply eliminate an inequity in the law that has prevented many hard-working property taxpayers from availing themselves of the full credit.”

“The maximum credit currently stands at $500, which is not a lot of money when you consider the huge revenue surpluses that have been coming into the state treasury for the past six years. Given the fact that the income threshold that would allow more taxpayers to qualify for the full credit would be phased over four years, my bill would have only a minor effect on the state’s revenue stream. It would, however, be greatly appreciated by those who have not been allowed to take the maximum credit under the law so far,” Rep Stripp said.